Selasa, 24 April 2012

Jasa Marga, In growing phase, CLSA

JSMR remains our preferred pick in infra space. It booked a strong 11%
YoY growth in 1Q12 traffic. While we trimmed our earnings to reflect
changes in accounting booking and some increases in ex-labor costs,
margin will continue to expand on the back of operational leverage and
more automation. We raised or DCF-valuation to Rp8,950/sh reflecting
higher assumptions on tariff and traffic and the additional NusaDua
project. Our TP reflects 28% disc to this DCF-valuation.

MNC, Winning in PRIME time, CLSA

MNCN is sitting in the PRIME position. The ad cycle couldn’t be better with
rising consumption & FDI driving competition. While the rate card
expands +15-20%, MNC’s cost base is largely fixed driving huge
operating leverage. We forecast 20% top-line & 40% bottom-line growth
in 2012. MNCN trades at a discount to consumer companies despite
higher operating leverage and being a beneficiary of competition. The
stock is one of key conviction calls – our TP implies 28% upside. BUY.

Saham Pilihan Selasa, 24 April 2012


GGRM : Stochatsic kembali golden cross membuka peluang berlanjutnya penguatan.

Support    : S1  58.500    S2   57.000
Resisten   :  R1 60.450    R2   62.550

Rekomendasi : Trading Buy